Mkts end marginally lower after smart recovery

Mumbai: Markets closed with marginal loss after showing smart recovery in last half an hour of trade. Telecom, technology, auto, capital goods and metal stocks dragged frontline indices lower. Weak global cues also played a key role in Wednesday’s trade.

However, power, banking and select realty stocks managed to bounce back in late trade. Sugar pack remained star performer of the day.

Frontline indices had opened weak and traded sharply lower throughout the day due to renewed credit concerns in US financial space, which is not over yet. Global cues remained subdued. But buying support at lower levels has helped our markets to recover in late trade.

The Sensex has recovered over 175 points and Nifty 50 points from days low of 14,368.72 and 4316.55, respectively.

Sensex closed at 14,543.73, down by 101.93 points or 0.70 per cent and Nifty ended with a loss of 24.8 points or 0.56 per cent at 4368.25. BSE Midcap Index fell 0.27 per cent at 5,766.32 and Small Cap index was down 0.34 per cent at 7,012.74.

Amongst frontliners, ACC dropped by -5.78 per cent, Idea Cellular -5.05 per cent, Maruti Suzuki -3.90 per cent, HDFC - per cent, Satyam -3.21 per cent and Reliance Comm -3.06 per cent. However, Reliance Infra gained 2.26 per cent, Hindalco 2.08 percent, ICICI Bank 2.01 per cent, NALCO 2.06 per cent and Reliance Petro 1.92 per cent.

Most active counters on the bourses were Reliance Ind, Reliance Infra, ICICI Bank, L&T and Reliance Communication.

Turnover traded in markets was very low, which stood at Rs 56,307.32 crore. This includes Rs 8,920.66 crore from NSE Cash segment, Rs 43,426.67 crore from NSE F&O and balance Rs 3,959.99 crore from BSE Cash segment.

Market breadth was negative; about 1150 shares have advanced while 1573 shares declined. Nearly 440 shares remained unchanged.

On the global front, Asian markets ended in negative terrain barring Shanghai.

Hang Seng, Jakarta, Nikkei, Straits Times and Kospi declined 1.7per cent -2.3 per cent. However, Shanghai Composite rose 1.06 per cent.

European markets also got hammered a lot. FTSE, CAC and DAX plunged over 1 per cent.